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The GL Company Presents. 7 Steps to Financial Integrity. Presented by:. James Taylor Account Manager The GL Company Australasia. Financial Integrity. Ensuring that financial information accurately reflects the underlying accounting transactions

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Presentation Transcript
the gl company presents

The GL CompanyPresents

7 Steps to Financial Integrity

Presented by:

James Taylor

Account Manager

The GL Company Australasia

financial integrity
Financial Integrity
  • Ensuring that financial information accurately reflects the underlying accounting transactions
  • … and that the accuracy of the information can be easily verified
who cares about financial integrity
Who cares about Financial Integrity?
  • Who doesn’t?
  • Legal requirement to accurately report financials
  • Organisations need relevant, reliable, timely financial information in order to operate effectively, to:
    • Control costs
    • Review revenue
    • Ensure on-going financial viability
Two Words…..

Month End

Does it Send shivers down your spine????

challenges in achieving financial integrity
Challenges in achieving Financial Integrity
  • Time pressure
  • Difficult reporting, reconcilliation & validation processes
  • Imperfect toolsets
    • ERP Inquiry Screens & Report Writers
    • Spreadsheets
    • Business Intelligence & 3rd Party Reporting tools
erp inquiry screens report writers
ERP inquiry screens & report writers
  • Run directly against ERP system – good!
  • Inquiry screens very limited & inflexible
  • Report writers are technical IT tools
  • No financial transparency in reports: hard-coded, static, no drill down
  • Difficult & time-consuming to validate & reconcile reports
spreadsheets excel based solutions
Spreadsheets & Excel-based solutions

Spreadsheets provide a familiar interface for Accountants but compromise financial integrity:

  • 95% of spreadsheets contain at least 1 error (KPMG white paper)
  • Results can be manually adjusted - no audit trail on what’s changed
  • Can easily be proliferated without security both internally & externally
  • Many local copies are created, which is the correct version?
  • Difficult to manage if the person who wrote them leaves
  • No Control System. Who publishes what and when?
  • Financial Integrity nightmare
business intelligence bi
Business Intelligence (BI)

Useful for post-month end management reporting but does not necessarily provide Financial Integrity:

  • Complex Meta Data / End User Layers (EUL) require

setup & on-going maintenance

  • Limited financial transparency, difficult to reconcile
  • Data often exported to separate database:

reports do not run over core accounting data

  • Fixed set of reports - new requests require specification, development (modification of Meta Data); a technical process prone to error
what s needed
What’s needed
  • Safe, secure, ad-hoc inquiry & reporting for accountants
  • Real Time – post a journal, see the results immediately
  • Pre-configured for the ERP system: meta data is built-in
  • No staging – runs directly against core accounting system
  • Financial transparency – drill to details & transactions
  • Used by Accountants, not IT
  • FAST – relieves time pressure at month end
7 steps to financial integrity
7 Steps to Financial Integrity
  • Direct Inquiry
  • Interactive Trial Balance
  • Financial Transparency through drill down
  • Audit Unposted Batches
  • Review Currency Translation
  • Validate Financial Statement Lines
  • Analyse Results against Multiple Budgets
step 1 direct inquiry
Step 1: Direct Inquiry

Inquire directly over the Balance & Journals tables, not through a view, or against a data extract. Post a journal & see the results immediately.

step 2 interactive trial balance
Step 2: Interactive Trial Balance

Analyze Trial Balances & multiple accounts across segments in summary or detail for multiple periods on a single screen.

step 3 financial transparency
Step 3: Financial Transparency

Drill from consolidated account balances, to transactions to sub ledgers to quickly investigate issues.

step 4 unposted batches
Step 4: Unposted Batches

Reconcile between journals & financial statement balances and investigate any unposted batches.

step 5 currency translations
Step 5: Currency Translations

Review base and translated currency summaries with drill to Entered & Accounted journal amounts.

step 6 validate financial statements
Step 6: Validate Financial Statements

Identify any accounts missing from financial reporting lines by validating parent account rollups, summary accounts or selecting totals for ranges.

step 7 actuals v budgets
Step 7: Actuals ‘v’ Budgets

Analyze financial results against multiple budget versions simultaneously.

the 7 steps
The 7 steps:
  • Step 1: Direct Inquiry – Post a journal and see the results immediately
  • Step 2: Interactive Trial Balance - Analyse accounts across segments, consolidated or detailed
  • Step 3: Financial Transparency - Drill from balances to transactions, sub ledgers, journal entries
  • Step 4: Unposted batches – Investigate unposted batch errors
  • Step 5: Currency Conversions and Translations – Review base and translated currency summaries
  • Step 6: Validate Financial Statement Consolidation Lines – Identify any accounts missing from financial reporting lines by validating parent account rollups and summary accounts
  • Step 7: Analyse Actuals Against Multiple Budgetversions
  • At the completion of the 7 steps, financial reports can be published in confidence, with their financial integrity intact
Really Real Time Inquiry Suite
  • Easy interface to audit the data in the Oracle General Ledger
  • Pre-configured ad-hoc inquiry & reporting for Accountants
  • Can be used to validate or replace FSGs
  • Secure environment used by Accountants but controlled by IT
Really Real Time Inquiry Suite for Oracle

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